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Over the weekend, The New York Times broke the story of a large-scale campaign of alleged bribery by the Mexican subsidiary of Wal-Mart Stores, along with what appears to be a company-wide cover-up. By Monday morning, the legal and business media had plenty to say about the report of corruption inside the company that topped the Fortune 500 in 2011. Time’s legal and business reporter Sam Gustin asked the big question: “How Big a Deal is Wal-Mart’s Mexico Bribery Scandal?” His answer is that, in addition to the immediate issues of falling stock prices, executives losing their jobs, and possible prosecution under the Foreign Corrupt Practices Act, Wal-Mart now has a new overarching problem on its hands:

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